Which of the following statements is correct under Section 16 of the SARFAESI Act, 2002?
Section 16 states that no director or manager of the borrower "shall be entitled to any compensation for the loss of office", whatever any contract or other law says. There…
Choose your answer
Which of the following statements is correct under Section 16 of the SARFAESI Act, 2002?
Answer and explanation
Correct answer B
Section 16 states that no director or manager of the borrower "shall be entitled to any compensation for the loss of office", whatever any contract or other law says. There is no exception for Reserve Bank approval, and Magistrate's assistance in taking possession is section 14.